FARK.com: (6714365) Mitt Romney's financial plan for Detroit: "Let it go bankrupt"

		Mitt Romney's financial plan for Detroit: "Let it go bankrupt" (politico.com)		96
		More: Fail, Mitt Romney, Democratic National Committee, Detroit, auto bailouts, concrete masonry unit, bankruptcy

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1480 clicks; posted to Politics » on 08 Nov 2011 at 9:16 AM | Favorite | share:

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96 Comments (+0 »)

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HotIgneous Intruder

2011-11-08 09:17:48 AM

Same thing for the banks, right Willard?

Headso

2011-11-08 09:18:27 AM

That is the only way to fulfill the robocop prophecy, that is a little known aspect of the mormon faith.

Sock Ruh Tease

2011-11-08 09:19:47 AM

Shrugging Atlas

2011-11-08 09:21:06 AM

Headso: That is the only way to fulfill the robocop prophecy, that is a little known aspect of the mormon faith.

Magic underpants in every drawer, an SUX 9000 in every driveway.

quatchi

2011-11-08 09:23:23 AM

From Motown to No Mo Town?

coeyagi

2011-11-08 09:25:53 AM

It hasn't? shiat, I'd better reconsider my huge investment of credit default swaps for that town.

badhatharry

2011-11-08 09:26:00 AM

Bankruptcy is not the end of the world. It is a good thing. Wipe the slate clean and have a fresh start.

s2s2s2

2011-11-08 09:26:35 AM

"Let it go stay bankrupt"

Make More Hinjews

2011-11-08 09:27:01 AM

Get farked, asshole. Just when we're finding jobs again, you want the city to go bankrupt?

/ Don't make me get all Detroit on your ass.

erveek

2011-11-08 09:27:26 AM

As plans go, it beats the hell out of "Have Nickelback play the halftime show."

coeyagi

2011-11-08 09:30:05 AM

Shrugging Atlas: Headso: That is the only way to fulfill the robocop prophecy, that is a little known aspect of the mormon faith.

Magic underpants in every drawer, an SUX 9000 in every driveway.

For a dollar, buy that, I would.

Monkeyhouse Zendo

2011-11-08 09:30:25 AM

badhatharry: Bankruptcy is not the end of the world. It is a good thing. Wipe the slate clean and have a fresh start.

Well it does sort of suck for your creditors.

Also, came for the Robocop references and am well pleased.

/knew I should have bought ocp at ipo

Jake Havechek

2011-11-08 09:30:45 AM

Ladies and Gentlemen: your GOP nominee for 2012!

Giltric

2011-11-08 09:31:18 AM

Oh yeah and Camden what about Camden...and Keansburg what about Newark too and Plainfield, East St Louis, Compton, what about Appalachia.....I mean what about all the shiatty run down low income areas in the country?

What about that section of the country that takes in more federal "welfare" money then they send out....I believe there are charts something about red and blue.

Why stop at Detroit?

Harrisburg Pa just went bankrupt.....what is Obama going to do for them or what do the candidates propose doing about it?

This is a very important question and the candidates and Obama should have a plan to deal with those areas...right?

/not really.

sprawl15

2011-11-08 09:33:03 AM

Giltric: Harrisburg Pa just went bankrupt.....what is Obama going to do for them or what do the candidates propose doing about it?

He's going to impose Sharia law.

coeyagi

2011-11-08 09:34:04 AM

sprawl15: Giltric: Harrisburg Pa just went bankrupt.....what is Obama going to do for them or what do the candidates propose doing about it?

He's going to impose Sharia law.

Shower them with arugula and grey poupon.

EyeballKid

2011-11-08 09:34:27 AM

It's Detroit's own fault for not having a rich dad from whom to inherit its wealth.

Shrugging Atlas

2011-11-08 09:34:54 AM

So he wants the auto industry to die and home owners to foreclose. But banks? Save them at all costs!11!

badhatharry

2011-11-08 09:36:42 AM

Monkeyhouse Zendo: badhatharry: Bankruptcy is not the end of the world. It is a good thing. Wipe the slate clean and have a fresh start.

Well it does sort of suck for your creditors.

Also, came for the Robocop references and am well pleased.

/knew I should have bought ocp at ipo

I feel bad that their investment in Detroit didn't work out.

Shrugging Atlas

2011-11-08 09:36:50 AM

coeyagi: Shower them with arugula and grey poupon.

I had the strangest dream about that last night....I shall not speak of it further.

jakomo002

2011-11-08 09:38:04 AM

Speaking on behalf of all Canadians, I welcome any and all Detroit residents who want to move up here. We'll even throw in a free pair of mittens.

However, we will demand the Detroit Tigers relocate to a Canadian city, and maybe, uh, Motown I guess. The rest you can have.

/I'll need a signed Barry Sanders jersey too

hurdboy

2011-11-08 09:42:19 AM

HotIgneous Intruder: Same thing for the banks, right Willard?

Headso: That is the only way to fulfill the robocop prophecy, that is a little known aspect of the mormon faith.

^^^ Pretty much all the OFA paid trolls have on Romney. It's amusing.

Newsflash: Chrysler and GM did declare Chapter 11 after the Administration farked over secured creditors to give their union buddies ownership stakes in the new companies, and protect the PBGC. Had either gone though a conventional Ch. 11, neither would have been able to regorganize, and would have gone to Chapter 7. And the taxpayers would have been on the hook for tens of thousands of unpaid pensions. Go read the opinion from the Supreme Court. It's got one of those do-not-use-this-as-precedent tags at the end....just like Bush v. Gore. Bad situation, but I understand why Geithner et.al. did what they did.

Ford didn't need to do that. They reached an agreement with the UAW that allowed them to close plants, and stop paying retiree health benefits. Then they mortgaged everything the company had when credit was still available. Whether they'll survive is still an open question. They were able to break the UAW because the Ford family could have chosen to take the company private again with the share price down around $5/share. So, buy back to 45% family share, declare Chapter 7, and Ford disappears forever. Came pretty damn close to happening in 2006. Or declare Chapter 11, fire pretty much everybody, default on all pension and benefit obligations, start anew debt free with no union contracts......

This sort of shiat happens all the time in corporate finance. It's what Romney and his ilk did to keep companies in business. Say, where's the nearest Blockbuster Video? Just a machine outside the Quik-e-Mart? Yeah, what happened to their lease obligations in the strip mall? Hmm?

/facepalm

kleppe

2011-11-08 09:43:14 AM

erveek: As plans go, it beats the hell out of "Have Nickelback play the halftime show."

Nickelback halftime show > Tebow

LarryDan43

2011-11-08 09:44:31 AM

That was easy.

urger

2011-11-08 09:46:25 AM

Quiefenburger

2011-11-08 09:47:34 AM

badhatharry: Bankruptcy is not the end of the world. It is a good thing. Wipe the slate clean and have a fresh start.

Chapter 9 doesn't work that way. The slate is not wiped clean. Debts aren't extinguished. They are adjusted...typically through maturity extensions and coupon reductions.

watson.t.hamster

2011-11-08 09:48:35 AM

If the auto-companies couldn't survive on their own they should have gone bankrupt. How long do we have to use federal dollars to prop up a city based on past nostalgia? Yeah Detroit was great, back in the day. Likely those days won't return. The world is littered with cities that have that exact same story.

Besides: bankruptcy =/= dead, and Ford managed without a bailout, as did various foreign companies that are setting up shop in the US (although not in Detroit). Clearly making cars at a profit is possible, GM just didn't do a very good job of it.

Detroit had a golden opportunity and squandered it. They should have used all that money coming in when the automotive industry was strong to diversify and build up other industries. Instead they gambled everything on GM and . . well . . .you know the rest.

ignatiusst

2011-11-08 09:48:45 AM

Aw.. that was *my* plan for Detroit. Now how am I going to differentiate myself from the GOP front-runner?

Shrugging Atlas

2011-11-08 09:51:03 AM

ignatiusst: Aw.. that was *my* plan for Detroit. Now how am I going to differentiate myself from the GOP front-runner?

Sanity?

Skleenar

2011-11-08 09:52:07 AM

hurdboy: Newsflash: Chrysler and GM did declare Chapter 11 after the Administration farked over secured creditors to give their union buddies ownership stakes in the new companies, and protect the PBGC. Had either gone though a conventional Ch. 11, neither would have been able to regorganize, and would have gone to Chapter 7

Thank you for the view from the GOP spin zone.

This sort of shiat happens all the time in corporate finance. It's what Romney and his ilk did to keep companies in business. Say, where's the nearest Blockbuster Video?

Right. Because the video rental industry is a really analogous to the US manufacturing industry. You can really compare the two because there is exactly the same impact to the overall US economy. Did you go to the Hollywood Upstairs Economics College, too?

monoski

2011-11-08 09:52:21 AM

It will be interesting to see if this is enough to push Michigan to a blue state in the election.

utah dude

2011-11-08 09:52:47 AM

needs 'hero' tag.

utah dude

2011-11-08 09:54:03 AM

Skleenar: because there is exactly the same impact to the overall US economy. Did you go to the Hollywood Upstairs Economics College, too?

yah, but i did the cosmetology track. buff tap swirl, baby.

Alphax

2011-11-08 09:54:42 AM

I think that was also his plan for the economy. Prevent a double dip recession? No, just let it happen..

utah dude

2011-11-08 09:55:17 AM

Headso: That is the only way to fulfill the robocop prophecy, that is a little known aspect of the mormon faith.

i'll raise you 1 danite.

ignatiusst

2011-11-08 09:57:03 AM

Shrugging Atlas: ignatiusst: Aw.. that was *my* plan for Detroit. Now how am I going to differentiate myself from the GOP front-runner?

Sanity?

Sanity?! Pfft.. it may not look like it yet, but I plan to have a *winning* campaign, and here you are talking about "sanity".. I'll tell you this, I'm not picking *you* as my campaign manager!

velvet_fog

2011-11-08 10:01:10 AM

Thread is useless without depressing pics of dilapidated downtown Detroit.

Deftoons

2011-11-08 10:01:12 AM

badhatharry: Bankruptcy is not the end of the world. It is a good thing. Wipe the slate clean and have a fresh start.

Bingo. I am no fan of Mitt but he's correct here. Detroit has decades of bailout history...can anyone actually look at the city and say they are better for it? It's a hellhole.

Let the failed companies go bankrupt so the city can find new markets to have a sound economic recovery.

hurdboy

2011-11-08 10:01:27 AM

Skleenar: Right. Because the video rental industry is a really analogous to the US manufacturing industry. You can really compare the two because there is exactly the same impact to the overall US economy. Did you go to the Hollywood Upstairs Economics College, too?

No. Just endless hours studying Bankruptcy Law. It's really tedious. It's also really unfair that the laws are supposed to apply equally without regard to industry. How disgusting.

/facepalm
//These trolls would have a field day if Trump had decided (or decides) to run

tznnmp

2011-11-08 10:03:05 AM

watson.t.hamster: If the auto-companies couldn't survive on their own they should have gone bankrupt. How long do we have to use federal dollars to prop up a city based on past nostalgia? Yeah Detroit was great, back in the day. Likely those days won't return. The world is littered with cities that have that exact same story.

Besides: bankruptcy =/= dead, and Ford managed without a bailout, as did various foreign companies that are setting up shop in the US (although not in Detroit). Clearly making cars at a profit is possible, GM just didn't do a very good job of it.

Detroit had a golden opportunity and squandered it. They should have used all that money coming in when the automotive industry was strong to diversify and build up other industries. Instead they gambled everything on GM and . . well . . .you know the rest.

I would be pissed if we gave money to Toyota just like they would be pissed if GM participated in the bail outs run buy the Japanese govment.

recent history, you fail...although we sucked more.

http://english.peopledaily.com.cn/90001/90778/90858/90865/6627157.htm l

http://www.businessweek.com/globalbiz/content/mar2009/gb2009033_96906 2 .htm

http://www.autoguide.com/auto-news/2009/02/germany-bailout-plan-inclu d es-3200-to-buy-a-new-car.html

PC LOAD LETTER

2011-11-08 10:03:56 AM

Anyone have the quote in context?

PDid

2011-11-08 10:14:11 AM

Chocolate cities don't deserve any help. They can pick themselves up and move out.

cefm

2011-11-08 10:19:45 AM

Just curious who's the bigger retard - the person asking the question or the one answering it.

The President of the U.S. has about as much say in the budget situation and economic standing of a local municipality as he does over the color of the moon.

soy_bomb

2011-11-08 10:22:05 AM

Too late Romney, the Democrats financial plan for Detroit is already driving it to bankruptcy.

baggins2000

2011-11-08 10:32:26 AM

tznnmp: http://www.autoguide.com/auto-news/2009/02/germany-bailout-plan-inclu d es-3200-to-buy-a-new-car.html

It appears that none of your links is working.

I alone am best

2011-11-08 10:34:57 AM

cefm: Just curious who's the bigger retard - the person asking the question or the one answering it.

The President of the U.S. has about as much say in the budget situation and economic standing of a local municipality as he does over the color of the moon.

The federal government can and has given states and cities money in the past.

Quiefenburger

2011-11-08 10:36:04 AM

hurdboy: Skleenar: Right. Because the video rental industry is a really analogous to the US manufacturing industry. You can really compare the two because there is exactly the same impact to the overall US economy. Did you go to the Hollywood Upstairs Economics College, too?

No. Just endless hours studying Bankruptcy Law. It's really tedious. It's also really unfair that the laws are supposed to apply equally without regard to industry. How disgusting.

/facepalm
//These trolls would have a field day if Trump had decided (or decides) to run

Apparently you skipped the chapter about the treatment of executory contracts versus unsecured creditors.

/also 363 sale, look it up

Giltric

2011-11-08 10:37:36 AM

monoski: It will be interesting to see if this is enough to push Michigan to a blue state in the election.

A democracy cannot exist as a permanent form of government. It can only exist until the majority discovers it can vote itself largess out of the public treasury. After that, the majority always votes for the candidate promising the most benefits with the result the democracy collapses because of the loose fiscal policy.

Would bailing out companies, mortgages, student loans etc...count as purchased votes...legally purchased of course?

teh great bozack

2011-11-08 10:39:14 AM

PDid: Chocolate cities don't deserve any help. They can pick themselves up and move out.

YEAH!! THAT'S right!! You tell 'em, brother! True PATRIOT!

Any other Detroit area FARKers wanna meet m'man PDid at the corner of 7 Mile and Ryan and watch as he preaches the word from the mountaintop??

USA!! USA!!

/Really! Show up with that, PDid! I'll start the collection now for the flight and the funeral.

Headso

2011-11-08 10:43:28 AM

hurdboy: Pretty much all the OFA paid trolls have on Romney. It's amusing.

Orthopedic Foundation for Animals?

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